solutions’ H1 2022 profit climbs 21% to SAR 556 mln; Q2 up 7% to SAR 273 mln

01/08/2022 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 556 million in H1 2022, a rise of 21%, compared to SAR 461 million in the prior-year period.

 

This profit growth was motivated by a SAR 869 million year-on-year (YoY) increase in total revenue, which was offset by a higher revenue cost. The company also cited higher core ICT services, IT managed and operational services, as well as digital services.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 3,803.99 4,328.06 13.8 %
Gross Income 821.47 998.57 21.6 %
Operating Income 494.89 606.47 22.5 %
Net Income 461.32 556.00 20.5 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Riyals) 3.84 4.63 20.5 %
EPS (Riyal) 3.84 4.63 20.5 %

The company’s Q2 2022 net profit after Zakat and tax rose 7% to SAR 273 million from SAR 256 million a year earlier, driven by a SAR 73 million YoY jump in gross profit, SAR 317 million YoY surge in revenues on 20.8% higher core ICT service and a 21.8% rise in IT managed and operational services.

 

On a sequential basis, net profit fell by 3.5% from SAR 282.92 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 1,937.20 2,085.15 7.6 %
Gross Income 432.10 505.04 16.9 %
Operating Income 270.60 293.52 8.5 %
Net Income 256.12 273.09 6.6 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Riyal) 2.13 2.28 6.6 %
EPS (Riyal) 2.13 2.28 6.6 %

Total shareholders’ equity, excluding minority interest, stood at SAR 2.367 billion by the end of H1 2022, compared to SAR 2.065 billion in the year-earlier period.

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Share Price

Arabian Internet and Communications Services Co.
257.80
(7.20) (2.72 %)

Arabian Internet and Communications Services Co. (SOLUTIONS)

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Financial Ratios
Current
Market Cap (M Riyal) 30,936.03
Enterprise Value (EV) (M Riyal) 30,099.60
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 13.31
Book Value (BV) ( Riyal) 29.98
Par Value ( Riyal) 10.00
Recurring P/E 20.29
P/E (TTM) 19.37
Price/book 8.60
Return on Average Assets (%) (TTM) 15.0
Return on Average Equity (%) (TTM) 46.7
EV/adj EBITDA 14.99
EV/Revenues 2.47
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